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We're short towards 1.3808

We're short towards 1.3808 | 18 June 2021

18 June 2021, GBP/USD

We're short towards 1.3808

Technical observation

GBP broke below a supportive zone 1.4012-1.4003 with a big red candle, it then pulled back to it and it was sustained below the zone. Right now price is trading with an increasing bearish bias and as long as it is contained below the zone i have mentioned above, I expect a rally to the supportive level 1.3808. If you picked short positions within the zone 1.4012-1.4003 after a bounce, remain in the trade with your take profit at 1.3808 and stop loss at 1.4051. In case of a clear breakout below the key level 1.3803 with a big red candle, I expect a further rally to the lower side, but in case of a bounce at it wait for another correction to the zone 1.4012-1.400 to re-sell GBP.

Trade recommendation

Remain short with your take profit at 1.3808.

Imelda Maseno
Analyst of «FreshForex» company
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